Attached files
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| 8-K - CHORDIANT SOFTWARE INC | d8k.htm |
Chordiant
Software Announces Financial Results for the First Quarter Fiscal Year 2010
Ended December 31, 2009
Posts
18% Sequential Increase in Bookings and a Return to Non-GAAP
Profitability
Cupertino,
Calif.—January 28, 2010
— Chordiant
Software, Inc. (Nasdaq: CHRD), the leading provider of Customer Experience (Cx™)
software and services that help global brands multiply customer lifetime value,
today announced its financial results for the first quarter of fiscal year 2010
ended December 31, 2009, and filed its Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
First
Quarter Fiscal Year 2010 Financial Highlights
|
§
|
Total
revenues of $22.2 million;
|
|
§
|
License
revenues of $7.4 million;
|
|
§
|
Generally
Accepted Accounting Principles (“GAAP”) net loss of $1.0 million, or $0.03
per basic share;
|
|
§
|
Non-GAAP
net income of $1.2 million, or $0.04 per fully-diluted
share;
|
|
§
|
Total
bookings of $22.8 million;
|
|
§
|
Ending
backlog of $44.1 million;
|
|
§
|
Ending
cash, cash equivalents and restricted cash of $50.7 million;
and
|
|
§
|
Ending
marketable securities balance of $1.7
million.
|
First
Quarter Fiscal Year 2010 Business Highlights
|
§
|
Closed
two license transactions in excess of $1 million
each;
|
|
§
|
Received
7 maintenance renewals in excess of $300,000 each, including 3 in excess
of $1 million;
|
|
§
|
Named
to FinTech 100’s rankings of top global technology providers to the
financial services industry for the 6th
consecutive year, every year since the list’s inception;
and
|
|
§
|
Released
new versions of our Decision Management Suite of Solutions, Chordiant
Decision Management 6.3.1 and Recommendation Advisor
6.3.
|
“I am
pleased with Chordiant’s execution this quarter, highlighted by sequential
increases in both bookings and revenue, strong operating cash flows and a return
to non-GAAP profitability,” said Steve Springsteel, Chairman, President and
Chief Executive Officer. “Companies increasingly rely on Chordiant as
a partner to help drive business value from every customer interaction through
the use of our market leading technology. Chordiant solutions enable
more robust customer strategies such as retention, service and
cross-sell/up-sell, which are at the heart of optimizing the customer
experience.”
First
Quarter Fiscal Year 2010 Financial Results
Total
revenues for the first quarter of fiscal year 2010 were $22.2 million, compared
to $15.2 million in the prior quarter and $23.4 million in the first quarter of
fiscal year 2009.
License
revenues for the first quarter of fiscal year 2010 were $7.4 million, compared
to $2.1 million in the prior quarter and $7.9 million in the first quarter of
fiscal year 2009. Service revenues for the first quarter of fiscal
year 2010 were $14.8 million, compared to $13.2 million in the prior quarter and
$15.4 million in the first quarter of fiscal year 2009.
Chordiant
reported a GAAP net loss of $1.0 million, or a GAAP loss per basic share of
$0.03, for the first quarter of fiscal year 2010, compared to a GAAP net loss of
$2.7 million, or a GAAP loss per basic share of $0.09 for the first quarter of
fiscal year 2009.
Chordiant
reported non-GAAP net income of $1.2 million, or non-GAAP earnings per
fully-diluted share of $0.04, for the first quarter of fiscal year 2010,
compared to non-GAAP net income of $0.6 million, or non-GAAP earnings per
fully-diluted share of $0.02, for the first quarter of fiscal year
2009. Non-GAAP net income and non-GAAP net loss exclude stock-based
compensation expense, the amortization of purchased intangible assets,
restructuring and other non-recurring charges, the non-cash tax expense
(benefit) relating to net operating loss carry-forwards, and professional
service fees associated with targeted acquisition activity.
Deferred
Revenue
Deferred
revenue at the end of the first quarter of fiscal year 2010 was $40.9 million,
an increase of $2.9 million as compared to the ending balance of $38.0 million
at September 30, 2009, and a decrease of $2.2 million as compared to the ending
balance of $43.1 million at the end of the first quarter of fiscal year
2009.
Bookings
Total
bookings were $22.8 million for the first quarter of fiscal year 2010, compared
to $19.3 million in the prior quarter and $13.6 million in the first quarter of
fiscal year 2009.
Backlog
of Business
At
December 31, 2009, Chordiant's backlog, which includes deferred revenue,
increased to $44.1 million from $43.5 million at the end of the prior
quarter. The increase in backlog was related to total orders booked
in the first quarter in excess of total revenue recognized.
Cash
Position
Chordiant’s
cash, cash equivalents, restricted cash and marketable securities position
increased by approximately $2.4 million during the quarter to $52.4 million at
December 31, 2009, as compared to $50.0 million at September 30,
2009.
Outlook
for Fiscal Year 2010
Although
the Company is not providing specific bookings, revenue, cash flow or earnings
per share guidance, it continues to provide the following basic parameters for
its financial performance in fiscal year 2010. We
expect:
|
·
|
the
timing of new license bookings to remain
unpredictable;
|
|
·
|
total
license revenues to exceed the total license revenues of fiscal year 2009
of $22.5 million;
|
|
·
|
maintenance
renewals to be consistent with historical experience of greater than
90%;
|
|
·
|
total
professional services revenues to exceed the total professional services
revenues of fiscal year 2009 of approximately $19
million;
|
|
·
|
to
be profitable on a non-GAAP basis;
and
|
|
·
|
to
generate positive operating cash
flow.
|
Conference
Call and Webcast Information
Chordiant will host a conference call
and webcast to discuss its financial results for the first quarter of fiscal
year 2010 ended December 31, 2009 today, Thursday, January 28 2010 at 2:00 p.m.
(PT), 5:00 p.m. (ET) and 10:00 p.m. (GMT). To access the live call,
please dial (480)-629-9835, access code 4199813#. A live audio webcast will be available
to investors and the public at the following website: http://chrd.client.shareholder.com/events.cfm.
The
webcast will be archived on the Chordiant website. In addition, a
telephone replay will be available on Thursday, January 28, 2010, beginning at
approximately 4:00 p.m. (PT), 7:00 p.m. (ET), for seven days after the live
call. The replay can be accessed by dialing (800) 406-7325, access
code 4199813#.
About
Chordiant Software, Inc.
Chordiant
Software optimizes the customer experience to help global brands multiply
customer lifetime value. Chordiant arms marketing, customer service
and customer loyalty executives with a suite of intelligent conversation
management applications to deliver an order of magnitude improvement in customer
experience. By maximizing the value of every conversation across all
channels, Chordiant enables today’s fast-paced brands to engage more effectively
with customers and quickly measure whether business strategies are succeeding,
resulting in faster acquisition, improved competitiveness, less churn, and
superior customer service. For more information please visit www.chordiant.com.
Cautionary
Note Regarding Forward Looking Statements
This
Press Release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including statements regarding
the Company’s expectations of its financial results in fiscal year
2010. Forward-looking statements are generally identified by words
such as "believes," ”expects," "guidance," and similar
expressions. There are a number of important factors that could cause
the results or outcomes discussed herein to differ materially from those
indicated by these forward-looking statements. Such risks and
uncertainties include, but are not limited to, whether the Company is able to
close license and services transactions with new and existing customers and
achieve its bookings and revenue targets; fluctuations in customer spending,
particularly in the financial services and insurance industries, due to
consolidation, economic, geopolitical and other factors; and the Company’s
dependence on a small number of customers for a substantial portion of its
revenue. These and other risks are set forth in the Company’s Annual
Report on Form 10-K for the fiscal year ended September 30, 2009 and Quarterly
Report on Form 10-Q for the fiscal quarter ended December 31,
2009. These filings are available on a website maintained by the
Securities and Exchange Commission at http://www.sec.gov. The
forward-looking statements and risks stated in this Press Release are based on
information available to the Company today. The Company assumes no
obligation to update them.
Chordiant
and the Chordiant logo are registered trademarks of Chordiant Software,
Inc. Next-Best-Action, Cx and CxM are trademarks of Chordiant
Software, Inc. All other trademarks and registered trademarks are the
properties of their respective owners.
NON-GAAP
FINANCIAL MEASURES
The
accompanying press release dated January 28, 2010 contains non-GAAP financial
measures. Table C reconciles the non-GAAP financial measures
contained in the press release to the most directly comparable financial
measures prepared in accordance with GAAP. These non-GAAP financial
measures include non-GAAP total cost of revenues, non-GAAP gross profit,
non-GAAP income (loss) from operations, non-GAAP net income (loss) and basic and
diluted non-GAAP net income (loss) per share.
Chordiant
continues to provide all information required in accordance with GAAP and does
not suggest or believe non-GAAP financial measures should be considered as a
substitute for, or superior to, measures of financial performance prepared in
accordance with GAAP. Chordiant believes that these non-GAAP
financial measures provide meaningful supplemental information regarding its
operating results primarily because they exclude amounts Chordiant does not
consider part of ongoing operating results when assessing the performance of
certain functions, certain geographies or certain members of senior
management.
The
operating budgets of functional managers do not include stock-based compensation
expenses, acquisition-related costs, restructuring costs, non-cash tax expense
or benefit and certain other excluded items that may impact their functions’
profitability, and accordingly, we exclude these amounts from our measures of
functional performance. We also exclude these amounts from our
internal planning and forecasting process. We believe that our
non-GAAP financial measures also facilitate the comparison of results for
current periods and guidance for future periods with results for past
periods. We exclude the following items from our non-GAAP financial
measures:
Stock-based compensation
expense. Our non-GAAP financial measures exclude stock-based compensation
expenses, which consist of expenses for stock options, restricted stock and
restricted stock units. Additionally, recent comparative periods in
certain prior years also included stock-based compensation for certain stock
options that were subject to variable accounting. Under variable
accounting, movements in the market value of our stock caused significant
unpredictable charges or benefits from period to period. The
operating budgets of functional or geographic managers do not include
stock-based compensation expenses impacting their function’s or geography’s
income (loss) and, accordingly, we exclude stock-based compensation expenses
from our measures of functional or geographic performance. While
stock-based compensation is a significant expense affecting our results of
operations, management excludes stock-based compensation from our budget and
planning process. We exclude stock-based compensation expenses from
our non-GAAP financial measures for these reasons and the other reasons stated
above. We compute weighted average dilutive shares using the method
required by a Statement of Financial Accounting Standard for both GAAP and
non-GAAP diluted net income (loss) per share.
Amortization of purchased intangible
assets. In accordance with GAAP, amortization of purchased intangible
assets in cost of revenue includes amortization of software and other technology
assets related to acquisitions and acquisition-related charges, and in operating
expenses includes amortization of other purchased intangible assets such as
customer lists and covenants not to compete. Acquisition activities
are managed on a corporate-wide basis and the operating budgets of functional or
geographic managers do not include acquisition-related costs impacting their
function’s income (loss). We exclude these amounts from our budget
and planning process. We exclude amortization of intangible assets
from our non-GAAP financial measures for these reasons and the other reasons
stated above.
Restructuring expense and infrequent
charges. Restructuring expense consists of expenses for excess
facilities, lease termination costs, and expenses for severance charges related
to reductions in our workforce. Infrequent charges relate primarily to severance
expense associated with senior executive management. The operating
budgets of functional or geographic managers do not include restructuring
expenses and infrequent charges or the financial impact to their functions or
geographies income (loss). Accordingly, we exclude restructuring
expenses and infrequent charges from measures of functional or geographic
performance. We also exclude these expenses in non-GAAP financial
measures for these reasons and the other reasons stated.
Non-cash tax expense or benefit
relating to Net Operating Loss carryforwards. Our non-GAAP financial
measures exclude non-cash tax expenses or benefits. These amounts
include (i) the income tax benefit in fiscal 2009 (and expense in fiscal 2009)
attributable to the release of the valuation allowance on certain
post-acquisition net operating losses and (ii) the impact of the utilization of
pre- and post-acquisition net operating losses to offset certain income tax
expenses expected to arise in future periods directly as a result of the release
of the valuation allowance. We exclude these expenses or benefits
because they are non-cash expenses or benefits that we believe are not
reflective of how we view our operating performance.
Professional service fees associated
with targeted acquisition activity. The Company incurred professional
services fees related to considerations regarding strategic
alternatives. These costs are excluded because the charges are
unrelated to the ongoing operation of the business in the ordinary
course. Acquisition activities are managed on a corporate-wide basis
and the operating budgets of functional or geographic managers do not include
acquisition-related costs impacting their function’s income
(loss). We exclude these amounts from our budget and planning
process. We exclude professional service fees associated with
targeted acquisition activity from our non-GAAP financial measures for these
reasons and the other reasons stated above.
Chordiant
refers to these non-GAAP financial measures in evaluating and measuring the
performance of our ongoing operations and for planning and forecasting in future
periods. These non-GAAP financial measures also facilitate our
internal comparisons to historical operating results. Historically,
we have reported similar non-GAAP financial measures and believe that the
inclusion of comparative numbers provides consistency in our financial
reporting. We compute non-GAAP financial measures using the same
consistent method from quarter-to-quarter and year-to-year.
Chordiant
believes that non-GAAP measures have significant limitations in that they do not
reflect all of the amounts associated with Chordiant's financial results as
determined in accordance with GAAP and that these measures should only be used
to evaluate Chordiant's financial results in conjunction with the corresponding
GAAP measures. Because of these limitations, Chordiant qualifies the
use of non-GAAP financial information in a statement when non-GAAP information
is presented. In addition, the exclusion of the charges and expenses
indicated above from the non-GAAP financial measures presented does not indicate
an expectation by Chordiant management that similar charges and expenses will
not be incurred in subsequent periods.
|
Table
A
|
|||||||||
|
CHORDIANT
SOFTWARE, INC.
|
|||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||
|
(In
thousands, except per share data)
|
|||||||||
|
(Unaudited)
|
|||||||||
|
Three
Months Ended December 31,
|
|||||||||
|
2009
|
2008
|
||||||||
|
Revenues:
|
|||||||||
|
License
|
$
|
7,432
|
$
|
7,941
|
|||||
|
Service
|
14,792
|
15,436
|
|||||||
|
Total
revenues
|
22,224
|
23,377
|
|||||||
|
Cost
of revenues:
|
|||||||||
|
License
|
134
|
98
|
|||||||
|
Service
|
5,545
|
6,686
|
|||||||
|
Amortization
of intangible assets
|
303
|
303
|
|||||||
|
Total
cost of revenues
|
5,982
|
7,087
|
|||||||
|
Gross
profit
|
16,242
|
16,290
|
|||||||
|
Operating
expenses:
|
|||||||||
|
Sales
and marketing
|
6,657
|
7,780
|
|||||||
|
Research
and development
|
5,354
|
5,259
|
|||||||
|
General
and administrative
|
4,504
|
4,402
|
|||||||
|
Restructuring
expense
|
144
|
784
|
|||||||
|
Total
operating expenses
|
16,659
|
18,225
|
|||||||
|
Loss
from operations
|
(417
|
)
|
(1,935
|
)
|
|||||
|
Interest
income, net
|
29
|
292
|
|||||||
|
Other
income (expense), net
|
(90
|
)
|
685
|
||||||
|
Loss
before income taxes
|
(478
|
)
|
(958
|
)
|
|||||
|
Provision
for income taxes
|
494
|
1,711
|
|||||||
|
Net
loss
|
$
|
(972
|
)
|
$
|
(2,669
|
)
|
|||
|
Net
loss per share:
|
|||||||||
|
Basic
and diluted
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
|||
|
Weighted
average shares used in computing
|
|||||||||
|
net
loss per share:
|
|||||||||
|
Basic
and diluted
|
30,180
|
30,008
|
|||||||
|
Table
B
|
||||||||
|
CHORDIANT
SOFTWARE, INC.
|
||||||||
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(In
thousands)
|
||||||||
|
(Unaudited)
|
||||||||
|
December
31,
2009
|
September
30,
2009
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$
|
50,613
|
$
|
49,863
|
||||
|
Marketable
securities
|
1,716
|
—
|
||||||
|
Accounts
receivable, net
|
22,021
|
16,708
|
||||||
|
Prepaid
expenses and other current assets
|
3,453
|
4,006
|
||||||
|
Total
current assets
|
77,803
|
70,577
|
||||||
|
Property
and equipment, net
|
1,638
|
1,850
|
||||||
|
Goodwill
|
22,608
|
22,608
|
||||||
|
Intangible
assets, net
|
—
|
303
|
||||||
|
Deferred
tax asset – non-current
|
3,224
|
3,480
|
||||||
|
Other
assets
|
2,378
|
2,491
|
||||||
|
Total
assets
|
$
|
107,651
|
$
|
101,309
|
||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$
|
4,534
|
$
|
3,809
|
||||
|
Accrued
expenses
|
9,242
|
6,334
|
||||||
|
Deferred
revenue
|
32,157
|
28,704
|
||||||
|
Total
current liabilities
|
45,933
|
38,847
|
||||||
|
Deferred
revenue—long-term
|
8,786
|
9,257
|
||||||
|
Other
liabilities – non-current
|
1,151
|
1,069
|
||||||
|
Restructuring
costs, net of current portion
|
21
|
123
|
||||||
|
Total
liabilities
|
55,891
|
49,296
|
||||||
|
Stockholders’
equity:
|
||||||||
|
Common
stock
|
30
|
30
|
||||||
|
Additional
paid-in capital
|
286,583
|
285,666
|
||||||
|
Accumulated
deficit
|
(237,586
|
)
|
(236,614
|
)
|
||||
|
Accumulated
other comprehensive income
|
2,733
|
2,931
|
||||||
|
Total
stockholders’ equity
|
51,760
|
52,013
|
||||||
|
Total
liabilities and stockholders’ equity
|
$
|
107,651
|
$
|
101,309
|
||||
|
Table
C
|
||||||||||
|
CHORDIANT
SOFTWARE, INC.
|
||||||||||
|
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
|
||||||||||
|
TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
|
||||||||||
|
(In
thousands, except per share data)
|
||||||||||
|
(Unaudited)
|
||||||||||
|
Three
Months Ended
|
||||||||||
|
December
31,
2009
|
December
31,
2008
|
|||||||||
|
GAAP
total cost of revenues
|
$
|
5,982
|
$
|
7,087
|
||||||
|
Amortization
of purchased intangible assets
|
(303
|
)
|
(303
|
)
|
||||||
|
Stock-based
compensation expense
|
(162
|
)
|
(134
|
)
|
||||||
|
Non-GAAP
total cost of revenues
|
$
|
5,517
|
$
|
6,650
|
||||||
|
GAAP
gross profit
|
$
|
16,242
|
$
|
16,290
|
||||||
|
Amortization
of purchased intangible assets
|
303
|
303
|
||||||||
|
Stock-based
compensation expense
|
162
|
134
|
||||||||
|
Non-GAAP
gross profit
|
$
|
16,707
|
$
|
16,727
|
||||||
|
GAAP
loss from operations
|
$
|
(417
|
)
|
$
|
(1,935
|
)
|
||||
|
Amortization
of purchased intangible assets
|
303
|
303
|
||||||||
|
Restructuring
expenses
|
144
|
784
|
||||||||
|
Stock-based
compensation expense
|
889
|
965
|
||||||||
|
One-time
professional services fee (a)
|
350
|
—
|
||||||||
|
Non-GAAP
income from operations
|
$
|
1,269
|
$
|
117
|
||||||
|
GAAP
net loss
|
$
|
(972
|
)
|
$
|
(2,669
|
)
|
||||
|
Amortization
of purchased intangible assets
|
303
|
303
|
||||||||
|
Restructuring
expenses
|
144
|
784
|
||||||||
|
Stock-based
compensation expense
|
889
|
965
|
||||||||
|
Deferred
tax expense
|
503
|
1,264
|
||||||||
|
One-time
professional services fee (a)
|
350
|
—
|
||||||||
|
Non-GAAP
net income
|
$
|
1,217
|
$
|
647
|
||||||
|
GAAP
net loss per basic share
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
||||
|
Amortization
of purchased intangible assets
|
0.01
|
0.01
|
||||||||
|
Restructuring
expenses
|
0.00
|
0.03
|
||||||||
|
Stock-based
compensation expense
|
0.03
|
0.03
|
||||||||
|
Deferred
tax expense
|
0.02
|
0.04
|
||||||||
|
One-time
professional services fee (a)
|
0.01
|
—
|
||||||||
|
Non-GAAP
net income per basic share
|
$
|
0.04
|
$
|
0.02
|
||||||
|
Shares
used in basic per share amounts
|
30,180
|
30,008
|
||||||||
|
GAAP
net loss per fully diluted share
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
||||
|
Amortization
of purchased intangible assets
|
0.01
|
0.01
|
||||||||
|
Restructuring
expenses
|
0.00
|
0.03
|
||||||||
|
Stock-based
compensation expense
|
0.03
|
0.03
|
||||||||
|
Deferred
tax expense
|
0.02
|
0.04
|
||||||||
|
One-time
professional services fee (a)
|
0.01
|
—
|
||||||||
|
Non-GAAP
net income per fully diluted share
|
$
|
0.04
|
$
|
0.02
|
||||||
|
Shares
used in fully diluted per share amounts
|
30,625
|
30,111
|
||||||||
|
(a)
|
During
the quarter, the Company incurred professional fees related to our
attempted
|
|||||||||
|
acquisition
of SWK Holdings Corporation (formerly Kana Software,
Inc.). These costs
|
||||||||||
|
are
excluded because the charges are unrelated to the ongoing operation of the
business
|
||||||||||
|
Table
C (Continued)
|
||||||||||||||||||||
|
CHORDIANT
SOFTWARE, INC.
|
||||||||||||||||||||
|
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
|
TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
|
(In
thousands, except per share data)
|
||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||
|
Three
Months Ended December 31, 2009
|
||||||||||||||||||||
|
Total
Operating Expenses
|
||||||||||||||||||||
|
Research
and
Development
|
Sales
and
Marketing
|
General
and
Administrative
|
Restructuring
Expense
|
Total
Operating
Expenses
|
||||||||||||||||
|
GAAP
operating expenses
|
$
|
5,354
|
$
|
6,657
|
$
|
4,504
|
$
|
144
|
$
|
16,659
|
||||||||||
|
Stock-based
compensation expense
|
(90
|
)
|
(162
|
)
|
(475
|
)
|
—
|
(727
|
)
|
|||||||||||
|
Restructuring
expenses
|
—
|
—
|
—
|
(144
|
)
|
(144
|
)
|
|||||||||||||
|
One-time
professional services fee (a)
|
—
|
—
|
(350
|
)
|
(a)
|
—
|
(350
|
)
|
||||||||||||
|
Non-GAAP
operating expenses
|
$
|
5,264
|
$
|
6,495
|
$
|
3,679
|
$
|
—
|
$
|
15,438
|
||||||||||
|
Three
Months Ended December 31, 2008
|
||||||||||||||||||||
|
Total
Operating Expenses
|
||||||||||||||||||||
|
Research
and
Development
|
Sales
and
Marketing
|
General
and
Administrative
|
Restructuring
Expense
|
Total
Operating
Expenses
|
||||||||||||||||
|
GAAP
operating expenses
|
$
|
5,259
|
$
|
7,780
|
$
|
4,402
|
$
|
784
|
$
|
18,225
|
||||||||||
|
Stock-based
compensation expense
|
(109
|
)
|
(256
|
)
|
(466
|
)
|
—
|
(831
|
)
|
|||||||||||
|
Restructuring
expenses
|
—
|
—
|
—
|
(784
|
)
|
(784
|
)
|
|||||||||||||
|
Non-GAAP
operating expenses
|
$
|
5,150
|
$
|
7,524
|
$
|
3,936
|
$
|
—
|
$
|
16,610
|
||||||||||
|
(a)
|
During the
quarter, the Company incurred professional fees related to our
attempted
|
|
|
acquisition
of SWK Holdings Corporation (formerly Kana Software,
Inc.). These costs
|
||
|
are excluded
because the charges are unrelated to the ongoing operation of the
business
|
Chordiant
Media Relations Contacts
Mo
Mahmoud
Eastwick
Communications
+1
(650) 480-4058
Chordiant@eastwick.com
Louisa
Excell
Hotwire
+44
(0)20 7608 8350
Chordiant@hotwirepr.com
Chordiant
Investor Relations Contact:
Karen
Haus or Daniel Wood
Market
Street Partners
+1
(415) 445-3238
chrd@marketstreetpartners.com